Tracey McDermott has spoken on the next year’s priorities in fighting financial crime. She focused on:

  • the expected role for the Financial Conduct Authority (FCA) in continuing FSA’s work on financial crime, including representing the UK in Europe;
  • the priority for regulatory work of protecting consumers and of preventing firms being used as conduits for financial crime;
  • how FSA expects firms to use its Financial Crime Guide – she stressed FSA neither wants nor expects firms to use it as a tick-box checklist and also stressed that it is not mandating firms comply with all its suggestions. She said that compliance with the Guide will tend to evidence compliance with regulatory requirements but that the Guide is not intended to compete with the Joint Money Laundering Steering Group guidance;
  • thematic work on unauthorised business and insider dealing; and
  • FSA’s findings on how banks deal with high-risk situations.

(Source: FSA Speaks on Financial Crime)